CBDT Launches Drive to Curb Fake Deductions in ITR Filings
Press Release, dated 14-07-2025 1. Nationwide Verification Drive Initiated by the Income Tax Department The Income Tax Department has launched a comprehensive nationwide verification operation targeting multiple locations across India. This initiative is aimed at cracking down on fraudulent practices related to deductions and exemptions claimed in Income Tax Returns (ITRs). 2. Focus on Fraudulent […]
ICAI Seeks Feedback on IFRS 18 and IFRS 9 Interpretations
The Accounting Standards Board (ASB) of the Institute of Chartered Accountants of India (ICAI) has released three Tentative Agenda Decisions (TADs) received from the IFRS Interpretations Committee (IFRIC). These decisions address interpretive issues under the newly issued IFRS 18, Presentation and Disclosure in Financial Statements, as well as IFRS 9, Financial Instruments, promoting consistency in […]
Income Tax Department Cracks Down on Bogus Claims of Deductions & Exemptions
Publish Date : Monday, July 14, 2025 Attachments : 1. https://incometaxindia.gov.in/Lists/Press Releases/Attachments/1228/Press-release-ITD-Cracks-Down-on-Bogus-Claims-of-Deductions-Exemptions-dated-14-07-2025.pdf source
Indian Fund-based Instruments and Bonds—FAQs
Fund-based instruments are financial instruments through which banks or financial institutions provide direct credit or funds to borrowers. These instruments involve actual outflow of funds and are typically used by businesses and governments to meet working capital needs, infrastructure development, or other financing requirements. Table of Contents Indian Fund Based Bonds Check out Taxmann’s Strategic […]
SEBI Proposes to Broaden Credit Rating Agencies’ Scope
SEBI Report; Dated: 09.07.2025 The Securities and Exchange Board of India (SEBI) has issued a consultation paper outlining proposed regulatory changes for Credit Rating Agencies (CRAs). The proposals aim to expand the functional scope of CRAs while ensuring continued regulatory oversight and investor protection. 1. Current Restrictions Under CRA Regulations As per the existing CRA […]
Clarification regarding CBDT's Circular No. 5/2025 dated 28.03.2025 for waiver on levy of interest under section 201(1A)(ii)/ 206C(7) of the Income-tax Act, 1961, as the case may be, in specific cases
Publish Date : Tuesday, July 1, 2025 source
HC Quashes Tax Recovery via Bank Due to No Notice to Debtor
Case Details: Galaxy International vs. Union of India – [2025] 176 taxmann.com 35 (Bombay) Judiciary and Counsel Details M.S. Sonak & Jitendra Jain, JJ. Prakash Shah, Sr. Adv., Brijesh Pathak & Dulraj Jain for the Petitioner. Jitendra B. Mishra, Ms Sangeeta Yadav & Rupesh Dubey for the Respondent. Facts of the Case The petitioner was subjected to a tax […]
CBDT extends the due date of filing of ITRs which were due for filing by 31st July 2025
Details : Publish Date : Tuesday, May 27, 2025 Attachments : 1. https://incometaxindia.gov.in/Lists/Press Releases/Attachments/1226/CBDT-extends-the-due-date-of-filing-of-ITRs-which-were-due-for-filing-by-31st-July-2025.pdf source
HC Quashes Ex-Parte Order for Notice Sent to Wrong Auditor
Case Details: Suresh Kumar Paruchuri v.Commissioner of Income-tax (Appeals), NFAC, Delhi – [2025] 176 taxmann.com 113 (Karnataka) Judiciary and Counsel Details Pradeep Singh Yerur, J. Sandeep Huilgol, Adv. for the Petitioner. M. Tirumalesh & Smt. Roopa, Advs. for the Respondent. Facts of the Case The assessee individual earned certain income by rent and from capital gains during the […]
ICAI Issues FAQs on Financial Statements for Non-Corporate Entities
The Institute of Chartered Accountants of India (ICAI) had earlier issued the Guidance Note on Financial Statements of Non-Corporate Entities to prescribe standardised formats for financial statements of various non-corporate entities, including sole proprietorships, partnerships, HUFs, societies, trusts, and other organisations engaged in business or professional activities. The objective was to enhance the understandability, reliability, […]